EXPLAINED: Hungary’s $3.1 Million Wealth Tax Plan Targeting the Richest Citizens | Times Now World

By Times Now World

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Hungary’s new government is preparing a wealth tax on income and assets exceeding 1 billion forint, or around $3.1 million, Cabinet Minister Balint Ruff told Telex, describing the measure as a “milestone.” The plan marks a major policy shift after Peter Magyar’s Tisza party won a landslide victory in April following 16 years of Viktor Orban-led government. Magyar has estimated the tax could raise between 300 billion and 600 billion forint annually when it takes effect in 2027, arguing that it would promote greater “social responsibility” and address inequality. The proposal comes amid wider international debate over wealth taxation, with similar measures discussed in California and New York and concerns in countries including Sweden and Norway about wealthy residents moving abroad. Ruff has not yet disclosed the tax rate or which assets would be covered, while Hungary faces a budget shortfall estimated at 7.5%. #hungary #wealthtax #petermagyar #tisza #hungarypolitics #billionairetax #t

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